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Home » Retail Banking 2020 Insights

Retail Banking 2020 Insights

Steve Ritter Headshot
Friday 15th June @ 12:02pm

Lafferty News recently caught up with Mitek's chief technology officer Steve Ritter for a Q&A to discuss the work the firm does in the field of digital identity verification.Among the topics discussed were how the technology is helping banks to augment their abilities and why the firm is also applying its solution to cryptocurrency exchanges.Lafferty News: Obviously, Mitek specialises in digital identity verification — can you explain to me how AI facilitates this process? I'd...MORE

Thursday 14th June @ 5:20pm

One of the primary fears about introducing robotics to the everyday operations of a financial institution is that it has the potential to drastically reduce the number of human-led jobs.Nick Burgess (former head of robotics at Danske Bank) is one of the leading figures in the field, and he tells Lafferty News about a widespread concern for many big banks today."There's a big cultural shift, and people are inherently nervous about robotics — whichever type of robotics they are...MORE

jernberg pic
Thursday 14th June @ 2:16pm

Nordic banks navigated a relatively safe passage through the 2008 banking crisis. The seven biggest Nordic banks have a combined balance sheet exceeding two trillion euro and have performed well with respect to profitability and solidity measures.Leading Nordic banks have, since 2015, been hit by severe scandals and penalties due to bad anti-money laundering and poor KYC controls.Five major Nordic banks are now preparing a joint venture to collaborate on more efficient KYC processes....MORE

CBA logo F575
Thursday 14th June @ 2:09pm

The style and colour of bank logos has never been more varied than today and, like so many changes of the past quarter-century, there is one word to explain such transformation: digital.In the past of course, the only variable in the corporate symbol of a financial institution was how much more boring one brand might succeed in looking than another. The idea was, above all, to convey an ethos as ancient as the Acropolis (thus the classical facade cliché) and as solid as the door of a vault...MORE

Thursday 14th June @ 12:31pm

In the latest Keyfact monthly, Jeremy Ridgway provides an overview of the British market and gives us a competitor snapshot. FCA to act on overdrafts and creditNew measures are under way to target arranged and unarranged overdrafts, store credit, rent-to-own and other high-cost credit. The regulator says banks make over £2.3 billion ($2.7bn) from overdrafts, with a third of this coming from unarranged overdraft fees. Likely measures include stopping the inclusion of overdrafts in...MORE

Thursday 14th June @ 11:58am

In 2007 Blue Prism reformed the Co-operative Bank's excess queue procedure, ultimately reducing the cost of the laborious process by eighty percent. Now, eleven years later, the pioneer in robotic process automation is doing the same for ATM reconciliations at Union Bank of Nigeria.Nigeria is a challenging country to build a network in.The country has 36 separate states and is one of the most ethnically and linguistically diverse nations on Earth, with more than 250 different ethnic...MORE

rishi khosla
Wednesday 9th May @ 3:55pm

The following is an excerpted version of the OakNorth case study from Lafferty Group's forthcoming report on digital banking.Our regular readers may recall that we recently wrote about UK-based SME lender OakNorth as part of our coverage of digital lending platform nCino in our Fintech-Banking Partnerships report. OakNorth is in the news again recently after coming out with a rather unusual statistic: it has become the first digital-oriented challenger bank in the UK to make an annual...MORE

george friedman
Wednesday 9th May @ 3:52pm

As Lafferty Group gets ready to publish its new Digital Banks report as part of our Retail Banking 2020 Research Service, we thought an interview with Qapital's chief executive officer and co-founder George Friedman would be an interesting precursor.Some people swear by chatbots and AI-enabled customer service. Here at Lafferty Group, we mostly swear at them. Siri sure gets annoying when you only ask...MORE

Wednesday 9th May @ 3:30pm

So, you finally decide to leave your regular job and start on the rocky but potentially rewarding path of self-employment.Full of enthusiasm, you go to the bank, and try to open a business account — only to find out that there are no products tailored for small businesses like yours. You discover the hard way that it takes an awful amount of time and paperwork to get an account going, maybe three or six months. What do you do in the meantime? Sit around?Many self-employed workers are...MORE

Wednesday 9th May @ 2:51pm

So the deadline is almost here and the sky hasn't fallen in. Some say the GDPR requirements are a silver lining for the future of banks, forcing them to take steps they should have taken years ago to avoid costly pitfalls, bringing improved data quality and enhanced brand reputation. Others say banks would do well to put aside a few container loads of money to pay the fines when the authorities find that list of email...MORE

muhammad asim
Thursday 3rd May @ 3:37pm

In today's financial ecosystem where fintechs, challengers and traditional banks are all vying for customers' attention, it can be a tricky task to stand out from the crowd.Digital banks/FSPs will be the focus of Lafferty Group's forthcoming report as part of our Retail Banking 2020 Research Service — and as a precursor to its release we are bringing you an exclusive with Arro Money's...MORE

Thursday 3rd May @ 9:40am

The fintech Revolut will feature in our upcoming RB2020 report on Digital Banking, and in the course of researching the progress of the digital banking alternative launched by Nikolay Storonsky in the summer of 2015, one feature stood out — and it wasn't a new service on the bank's app. It's the fact that half-fiat, half-crypto banks are about to become a reality. Revolut has been operating for the past two years on an e-money licence granted by the FCA in the United Kingdom, but...MORE

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